PLANO, TX and BOSTON – Legacy Corporate Lending (“Legacy”) a new asset-based lending (ABL) company, today announced its launch as an independent lender focused on serving the needs of middle market companies across North America. Legacy is launching with a significant equity investment from funds managed by a subsidiary of Bain Capital Credit, L.P., (“Bain Capital Credit”), a leading global credit specialist.
Based in the Dallas-Fort Worth area, Legacy Corporate Lending will provide revolving credit facilities and term loans ranging in size from $10 to $40 million to companies in an array of industries that seek to access capital outside of traditional bank lending or the syndicated lending market. Legacy intends to make loans that are secured by assets including accounts receivable, inventory, machinery and equipment, real estate, and intellectual property.
Legacy Corporate Lending is led by CEO Clark Griffith, a 25-year commercial finance industry veteran with significant experience leading and establishing ABL lending businesses. Mr. Griffith spent the bulk of his career at GE Capital, most recently as an Officer of GE Japan and Senior Managing Director and Head of GE Capital’s Structured Finance business. The founding leadership team includes Paul Martin, Chief Investment Officer, who brings more than 30 years of commercial lending experience, and Lawrence Ridgway, Chief Operating Officer, who has more than 25 years of ABL experience. Mr. Martin has co-founded several ABL companies, and Mr. Ridgway joins Legacy from Citizens Commercial Banking where he served as a Senior Vice President, covering ABL clients.
“We are excited to establish this well-capitalized platform in partnership with Bain Capital Credit at a time when lending provides an essential solution to many companies,” said Griffith. “We see a significant opportunity to leverage our combined credit investment and industry expertise to provide borrowers with flexible, solutions-oriented capital. We look forward to leveraging our experience and relationships to build a diversified lending platform focused on serving the unique needs of our borrowers.”
“We are fortunate to be partnering with such a talented and experienced leadership team who shares our conviction about the need for quality ABL offerings to serve this market, and the growth opportunities that lie ahead,” said Thomas Kolinski, a Partner at Bain Capital Credit. “As seasoned industry veterans, Legacy’s executive team is uniquely positioned to address the complex needs of middle market borrowers and to do so with the speed, certainty, and execution that today’s fast paced market demands.”